Precious metals have been bullish since October of last year. Recent price action has been bearish though. Is the upside momentum now over? Where could GOLD and SILVER go from here…? Time for some XAUUSD and XAGUSD analysis…
GOLD – Daily – XAUUSD
GOLD has been bullish since early October of 2018. Price recently hit the 2018 highs around 1341 and has since been selling-off. Overall, GOLD is ranging between 1173 and 1354. Trading opportunities could exist around the previous bullish channel support and resistance areas, around the moving averages and around the horizontal levels at 1202, 1235, 1305, 1341 and 1354. The moving averages are bullish and widening, signalling that the current sell-off may be temporary – price may attempt the recent highs again.
GOLD – Weekly – XAUUSD
Price is ranging between 1134 and 1367. The moving averages confirm the market indecision – they are tight and are moving sideways. Trading opportunities may exist around the support and resistance areas of the range and if GOLD closes out of the range (break-out trade). The rising diagonal support suggests that GOLD could break to the upside. A bullish move could find resistance around the horizontal resistance and psychological level at 1400.
SILVER – Daily – XAGUSD
SILVER has been bullish since October but is now retracing some of the recent gains. Despite the recent bullish run, price is indecisive. The moving averages confirm the current indecision – they are tight and are moving sideways. Trading opportunities could exist around the moving averages and around the horizontal levels at 14.00, 14.75, 15.25, 15.75 and 16.15.
SILVER – Weekly – XAGUSD
Price is ranging between 13.75 and 20.50. The moving averages have been crossing frequently – confirming the current indecision. Trading opportunities may exist around the support and resistance areas of the range and if SILVER moves out of the range (break-out trade). The declining diagonal resistance suggests that price could break to the downside.